Key Takeaways:
- Mara Holdings plans to raise up to $1 billion through convertible senior notes, with funds directed at Bitcoin purchases, debt repurchases, and general operations.
- The company recently acquired a stake in Two Prime, boosting its managed Bitcoin exposure to over $1.75 billion.
- Mara now holds 50,000 BTC and reported record annualized mining revenue of $752 million in May.
Mara Holdings has announced plans to raise up to $1 billion through the issuance of zero-interest convertible senior notes due in 2032.
The company will initially offer $850 million to institutional investors, with an option for an additional $150 million.
JUST IN: 🇺🇸 Bitcoin miner MARA Holdings to raise $850 million to buy more #Bitcoin and other purposes. pic.twitter.com/Y7FBeTM7rk
— Bitcoin Magazine (@BitcoinMagazine) July 23, 2025
Up to $50 million of the proceeds will be used to repurchase part of Mara’s outstanding 2026 notes, while the remainder will support capped call transactions, Bitcoin acquisitions, and general operations.
The offering is not guaranteed and remains subject to market conditions.
This move follows Mara’s minority acquisition of Two Prime, an institutional investment firm managing $1.75 billion in assets, further boosting the Bitcoin managed on Mara’s behalf.
Operationally, Mara reported a 35% increase in BTC production in May despite rising mining difficulty, with annualized mining revenue reaching a record $752 million.
Currently, Mara holds 50,000 BTC in its treasury, ranking second among corporate holders after Strategy, which holds 607,000 BTC.
This debt offering complements Mara’s earlier plan, disclosed in March, to potentially sell up to $2 billion in stock to fund further Bitcoin purchases and support ongoing corporate and capital strategies.
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